Goldman Cuts 2027 Brent Forecast on Supply Growth and Demand Risks

📉 MARKETS — Goldman cuts 2027 Brent just as Trump claims the war ended. 📌 LOOK CLOSER: Goldman's revision signals supply glut, not peace dividend. If Iranian crude re-enters post-MOU and OPEC spare capacity holds, 2027 oversupply is base case regardless of Hormuz timing. For Europe, lower forward prices cool the energy-crisis urgency driving defense debates. For Tehran, cheaper oil erodes the leverage of any reopening offer.